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Titan investors panic as gold duty jumps to 15% learn why 2013 disruptions may help Titan
Economy
Published on 15 May 2026
A 2013 gold crackdown still left Titan margins resilient
Titan shareholders are reeling after India hiked gold and silver import duties to 15%, triggering a sharp sell-off in jewellery stocks and fears of weaker demand and squeezed margins. But analysts are pointing to history: in 2013, tougher curbs on gold imports—including higher duties and the 80:20 export rule—did not sink organised players. Titan’s diversified sourcing, pricing discipline, and adaptable product mix helped it absorb shocks, and brokerages now expect a manageable impact across segments.
- Import duties on gold and silver were raised to 15% on Wednesday
- Titan shares fell more than 11% over two sessions amid demand and margin fears
- In 2013, gold import duty rose from 2% to 10% and credit on imports was curtailed
- Nomura expects biggest coins demand moderation, with possible margin support from lower low-margin mix
- Daily-wear and wedding jewellery face different pressures, while diamond jewellery is seen as least affected
- Goldman Sachs maintains a Buy rating with a Rs 5,400 target on Titan
Read the full story at The Economic Times
This summarization was done by Beige for a story published on 
The Economic Times